In the face of the continued surge in oil prices, Saudi Arabia - the world's largest oil producer - has agreed to raise its production to some 9.7 million barrels a day by the end of July.
The announcement came shortly before 35 countries met for crisis oil talks in Jeddah, Saudi Arabia, on Sunday (22 June).
The price of oil has doubled in the past year, coming close to $140 a barrel in June. Oil accounts for some 37 percent of EU energy consumption.
"It is the policy of...
Back our independent journalism by becoming a supporting member
Already a member? Login here